Everyone's favorite memecoin may soon experience good development.
68.28% of top DOGE traders on the Binance platform may hold long positions, indicating a bullish signal.
The price of DOGE can only potentially skyrocket if its daily closing price exceeds $0.185.
Dogecoin (DOGE) has sparked a wave of interest with its strong upward momentum, attracting the attention of numerous whales and investors. In fact, in just the past few days, this meme coin has broken through the downward trend line on the chart.
However, at the time of writing, the price seems to be consolidating.
Is the surge in whale participation a bullish signal?
This ongoing consolidation, coupled with increased whale trading, hints at potential accumulation and could be beneficial for DOGE's price in the long run.
On-chain analysis firm IntoTheBlock reports that whale transactions ranging from $1 million to $10 million surged by 540.47%, while transactions over $10 million skyrocketed by 8060%. This indicates increased participation from whales and institutions during the ongoing price consolidation.
The indicator further emphasizes that large transaction volumes surged by 41.12% in the past 24 hours, while daily active addresses increased by 34.91% during the same period.
Considering these indicators, it is clear that the interest of whales and institutions in memecoins has surged significantly in the past few days. Additionally, whales may hold insider information about memecoins and could be actively positioning themselves to seize opportunities.
Current price momentum and trader interest.
As of the time of publication, Dogecoin (DOGE) is trading at nearly $0.179, having fallen by 1.45% in the past 24 hours. During the same period, its trading volume decreased by 43%, indicating a lower participation from retail traders and investors compared to previous days.
However, according to on-chain analysis firm Coinglass, despite the price drop and market consolidation, traders remain strongly bullish.
The Binance DOGEUSDT long/short ratio is 2.15, indicating strong bullish sentiment among traders. Data shows that among top DOGE traders on Binance, 68.28% hold long positions, while 31.72% hold short positions.
Are there any upcoming levels?
According to AMBCrypto's analysis, DOGE appears to be in a sideways trend, as it has been consolidating in a narrow range between $0.175 and $0.185 over the past five trading days.
From the daily chart, this level seems to be the key to the success or failure of the memecoin.
Based on its recent price trends, if DOGE's price surges and breaks out of consolidation, closing above the $0.185 mark, it could pave the way for a 10% increase until the price reaches the $0.205 mark.
Conversely, if the memecoin crashes, it could push DOGE's price down by 7.5% to the next support level of $0.162.
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